Unless there is a specific goal, one usually expressed in a number, there can be no goal. Its been said that unless something can be measured, it has no value. Yet, when talking about creating a financial plan or a budget or, sometimes, even a strategic plan, there frequently comes a glaze over lawyers eyes. Thats something for someone else to do, not me. Yet, its this financial component that lets us know whether were successful. How else could we tell? By the amount of money in our bank account? Yes, but how do we know whether that amount shouldnt or couldnt have been more? What is our benchmark? What lets us know how we are performing financially against our previous years, our compatriots in the legal community and, yes, against our own plan/thoughts of what we wanted to achieve in this period?
This session will describe some of the more commonly accepted benchmarks that are used to measure performance.
Important metrics
How to create a financial plan, easily
When to monitor ones progress
How to modify the plan when new information becomes apparent
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